Companies allocate 11% budget for CMO: Report

Furthermore, of the top 15 CMOs, Baxter Biopharma Solutions, Boehringer Ingelheim, and Pfizer CentreSouce have been identified as charging the highest premiums but also offer the most comprehensive range of services.

"It is important for CMOs to keep all these preferences and perceptions in mind to formulate robust strategies to effectively compete in the market and increase the level of satisfaction and loyalty among customers," remarked Fowler.